我国上市公司股利政策:现实选择与理论诠释

The Dividend Policy of Listed Companies in China:Realistic Choice and Theoretical Interpretation

作为公司财务理论的核心内容之一,股利政策是公司在利润再投资与回报投资者两者之间的一种权衡。我国上市公司的股利政策具有不分配现象仍然普遍、股利形式规律性不强、股利政策缺乏稳定性和连续性等特征,导致最有说服力的信号理论和代理理论也难以解释我国上市公司的股利政策。针对这一问题,建议拓宽融资渠道,缩小不同融资方式的成本差异;完善法律法规,规范股利分配的信息披露制度;降低代理成本,保持持续稳定的现金股利政策;改善治理结构,建立健全小股东利益保护机制。

As one of the core contents of company financial theory, dividend policy is a balance between reinvesting company＇ s profits and returning investors. The dividend policy of our country＇ s listed companies has such distinctive characteristics as that the phenomenon of non-dividend is common, the regularity of dividend form is not strong, and the dividend policy lacks stability and continuity, which leads to that the most persuasive signal theory and agency theory cannot explain the dividend policy of the listed companies in China. To solve this problem, the author advises ： firstly, to broaden the financing channels and narrow the cost difference of different financing ways; secondly, to perfect legal laws and regulations and regulate the information disclosure of divi- dend distribution; thirdly, to reduce agency cost and keep steady cash dividend policy; and finally, to improve governance structure, and establish and perfect small shareholder interest protection mechanism.